Financial Psychologist Reveals: The Secret To Building Wealth

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Financial Psychologist Reveals: The Secret To Building Wealth

Рет қаралды 197,252

Күн бұрын

New to the Erika Taught Me podcast? Start here:
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What Financial Experts Won't Tell You About Money - • What Financial Experts...
Ryan Serhant on Creating a Millionaire Mindset - • Ryan Serhant: What I C...
Asking The $100,000,000 Man How To Get Rich | Alex Hormozi - • Asking The $100,000,00...
Ep 35 - Dr. Brad Klontz is an expert in financial psychology, author, and professor. Today, we sit down to discuss the psychology behind our relationship with money. Dr. Brad helps us define our money traumas and how to deal with them to be able to improve our relationship with money and start our journey to financial freedom.
Get Dr. Brad Klontz's book, Money Mammoth: amzn.to/3MVGrq2
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Timestamps:
00:00 - Intro
00:53 - Our early money memories impact our relationship with money
04:03 - Scarcity mindset vs abundance mindset around money: pros and cons
13:39 - Define your money traumas and learn how to overcome them
20:01 - How are most millionaires spending their money?
21:22 - The need to belong, and how that affects our money habits
27:13 - The 3 worst things people are doing with their money
31:39 - The single most important skill to become wealthy
33:35 - Traits wealthy people have in common
38:51 - Can anyone build wealth?
40:30 - Advice around money for anyone in their 20s
46:06 - Debunking money myths
47:52 - The origin of our money trauma
48:45 - Dr. Brad Taught Me

Пікірлер: 244

@logbinder6330 Жыл бұрын

Wow, this is one of the most touching interviews I've listened to around money. So much empathy. I will adapt this way of talking and thinking on the subject.

@n.c.467 Жыл бұрын

This is another shining example of why the Erika Taught Me Podcast is my favorite finance podcast. I discovered Dr. Klontz's writings several years ago, but his ideas really came to life through Erika's questions. Can't give enough praise... thanks for showering us with valuable knowledge!😌

@CebiGreen Жыл бұрын

This really hit home for me, growing in Asia seeing my parents constantly fought about money. It was painful and on the top of that people around us cared so much about financial status. Spending the $$$, we did not have including my family. All of these make me be a frugal person. I am very careful about money due to my upbringing, I started saving at a very young age. Screwed up many times, live and learn, older and wiser (I hope). Later I moved to US and you are right many Americans label $$$as evil. For me, I want to make more so I can take care of my mind, my fam and give back to communities more. Such a wonderful talk, Erika. Again congratulations on your Times Square Billboard! You are amazing.

@gardeningforfunandlongevit6076 11 ай бұрын

Never tell people you have enough money especially when there are people who are trying to sue you. Know you have money and live your life as comfortably as possible and keep some things to yourself, there is no shame in that. Love your podcast.

@garrygrant2394 11 ай бұрын

Coming from a working class background I observed just how hard my family worked to keep us comfortable. I see how easy people spend money on things that do absolutely nothing for them long term. They miscalculate value but do absolutely nothing with regards to making their money work for them. If I really want something I just buy it but typically there aren't many material things that interest me. It's all about experiences. The money I make mostly gets invested or spent on experiences and so far that has worked well for me.

@NoLimitsCommemorativ Жыл бұрын

I have an awful relationship with money. I make six figures now, but I don't even want to spend money on a vacation now. I'm debt free, 35 and single and just looked at all the number's for flights, rental, nights stay and thought to myself I should just stay home and find a better avenue for that money. I want to go but I also don't want to spend. Money trauma, arguments between my parents and growing up. My dad was all about saving and investing and my mom wanted to spend everything. I remember the arguments, I felt so guilty about them spending that when they asked me where I wanted to go for my birthday I said Lone Star Steak House because I knew everyone liked it...I got a hotdog because I knew it was the cheapest menu item and I was only 9. They made me get a steak 😆

@Swarm509 3 күн бұрын

I'm not making six figures, and honestly never will in my field/location, but living comfortably and saving regularly (and own a house, on mortgage). I do spend some money on my hobbies, a new computer for games or tools/wood for wood working but not very often and only just what I need to. I had similar traumas as a kid, always hearing how money was short and my mom always trying to hide just how in debt we were to keep my father from becoming abusive (metal abuse to everyone). I basically started to refuse toys, gifts, traveling, or doing anything that required expense. Fast forward to now I don't spend money on vacations, I don't buy stuff for the house outside what is require to maintain it (think empty house with no art/stuff), and even now feel really guilty about big purchases even if I can easily afford it. I would love a small sports car for driving to work and fun as I always enjoyed driving and cars (had a few cheap old 4x4's I would take out with friends in the past, all sold now), but I keep stopping myself since I should horde that money and make more on over time... and never enjoy it just watch it pile up. I can easily get the car new, and still be just fine in 30 years with slightly less money but I cannot make that jump. There is a fine line between good savings strategy and just hording with no life.

@darleneatkinson3906 Жыл бұрын

Hi Erika and Dr. Brad, thanks for this video, I am 65 years of age and I had to ask myself what am I going to believe about my life what can I change and how can I overcome incorrect messages I have heard to better my world? And I did I grew up on farm my parents use to save everything, and I wore hand me down cloths being almost at the end of 12 siblings. In my 40's I denounced old believes and took on new one the one that help me the most was I am not poor no more my finances when from barely living on $1,700.00 a month to having left over money at the end of the month just from one change of thinking. It was so surprising to me. So, I seen firsthand our internal believes have a lot to do with our wealth or lack of wealth that was super surprising yet pretty amazing at the same time. Again, thank you both for sharing this video I hope it helps many people out.

@Quasoncaviness2 8 ай бұрын

Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them., well at least my advisor does lol

@derrickholfman2 8 ай бұрын

Investors should be cautious About their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor.

@michaelschiemer3 8 ай бұрын

Not at all having monitor my porifolio performance which has made a jaw dropping $273k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemirigly unknown market. I must say it’s the boldest decision I've taken since recently

@SteveEstrada-js9nu 8 ай бұрын

Please pardon me, who guides you on the process of it all?

@michaelschiemer3 8 ай бұрын

“Vivian Carol Gioia” is my adviser and she is highly qualified and experienced inthe financial Market , she has extensive knowledge on portfolio diversification and is considered an expert in this field. I recommend researching her credentials further she has many years of experience and is a valuable resource for anyone looking to navigate the market.

@SteveEstrada-js9nu 8 ай бұрын

I wish i had this guidance

@JacobPaula 7 ай бұрын

I've been diligently working, saving and contributing towards financial freedom and early retirement, but the economy so far since the pandemic has eaten away most of my portfolio, what I want to know is this: Do I keep contributing to my portfolio in these unstable markets or do I look into alternative sectors.

@Agatha.wayne0 7 ай бұрын

Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don't get to make so many losses.

@Olivia-z5c 7 ай бұрын

Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.

@JaneBlac- 7 ай бұрын

I've been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?

@Olivia-z5c 7 ай бұрын

In fact, I'm not sure whether I'm permitted to say this, but I'd suggest searching for “Stacie Lynn Winson” as she gained a lot of attention in 2017. She is both my coach and the manager of my portfolio .

@rosalbadelriogarcia9598 6 ай бұрын

Erika has an excellent episode on investing please watch before you seek out #investmentadvisors. Good luck to you

@peacefulheart1431 Жыл бұрын

This interview was the best thing ever regarding money for me. I will be able to forgive myself being poor and set up a visual plan on how & why I am investing. Thank you Erika for having this guest🙏

@kimmatura3564 Жыл бұрын

Keeping Secrets by Suzanne Summers came out in 1988. I grew up in financial scarcity due to an alcoholic father. She talks about growing up in alcoholic family. She said something that has really stuck with me. She said she grew up in chaos and so as a young adult on Three’s Company she was creating her own chaos. That is when I realized I created my own chaos by financial stress and crisis. I still struggle with it to this day, but I am aware of it and actively try to curb the urge to create chaos in my life.

@mattmcfly2165 Жыл бұрын

That's insightful. ❤. Same here, hard to push down the urge to treat everything like it's on fire at all times. Exhausting. Therapy and cannabis helped me.

@tracytranva 10 ай бұрын

One of the best interviews that I have ever heard about money and wealth. Thank you great host Erika and Dr. Brad for inspiring and informative interview

@vulpixelful Жыл бұрын

I honestly don't feel like I spend to impress others. I plan big purchases based on problems I want to solve in my life. I appreciate this perspective but I feel like I never hear about planning for luxury purchases because that service really will solve a problem for you, but it happens to be a status item. For example, saving for an EV because I'm tired of worrying about gas prices and oil changes. I guess I fall into Ramit Seth's camp of being frugal in a lot of places to spend on what you really value instead of being frugal for no other reason but to get a number to go higher and higher until you die... edit: Nvm, he touched on that when he talked about saving according to a vision 😊

@ldrum2116 Жыл бұрын

❤❤Very informative and love the glimpse into the psychology of money, in how to look at your beginnings to understand where you are at, to understand where you want to be, and how to get there.

@chaychu31 Жыл бұрын

The interview is insightful! Looking forward to more videos like this. Thank you!

@AleenaMalik Жыл бұрын

Your guests are always so amazing!👏🏼👏🏼👏🏼 Thank you SO MUCH for bringing these expert perspectives to us ❤

@yankeedoodle6293 Жыл бұрын

I grew up and watched my parents struggle mightily. Barely keeping the mortgage and electricity paid. 😢. I was determined to make it. Now in my forties, I have a net worth of 9.7 million mostly in real estate investments and some in the stock market. Who said money doesn’t buy happiness ? It sure does. For me at least

@ittyfittykelly Жыл бұрын

I like the saying that goes something like: people that say money doesn’t buy happiness have never had given it away [to someone in need] Anyways… GREAT JOB! You are an inspiration!

@mattmcfly2165 Жыл бұрын

Nice.

@FloatingThroughTheRealm Жыл бұрын

How did you get your first investment? I feel like the first step is the hardest. That’s the part that people spend the least time talking about, but it’s the most important part.

@BrokeAgain Жыл бұрын

money can buy happiness for sure, easier to cry with money

@holypunk12 Жыл бұрын

Money so much still scrolling through youtube comments ! May be you mistook happiness for something else ! Still happy for you and your loved ones for your status you achieved !! Money doesnt buy happiness...but it sure gives better options in the voyage of life ! Happiness is very inherint feeling ! If someone ask me to remember a happy occation...sometimes I remember my mothers heavely smile while she was in hospital...! Circumstances were for sadness, but what came from within her heart still radiate to me to this day ! ❤ money is defenetly important for external well being, the whole journey of life ! What happiness and joy is the one which gives wisdom, the inherint hope ! A slum person if has hope can be more inherintly happier than a millionaire who got no wisdom to share, nothing to look forward to ! If thats the case, depression should stay only with poor people !

@GiaGRitter Жыл бұрын

Thank you for always having such inspiring insight!😊

@AtuFY-rr1ss Жыл бұрын

Can't thank you enough for your insights in topics and special guests. Loved the part of "never too late" to invest. Thank you again Dr. and Erika team.

@ThePomskysPalace Жыл бұрын

I can’t wait to watch this, as an Economist’s daughter who has a Psych degree..this is right up my alley. I’m only a few minutes in and already know this is gonna be a great video. Thank you!

@keakasklips4042 Жыл бұрын

please don't change who you are.... i love that you use hand me downs etc.... just be you. that's why we trust you so much. remember.... you had 17 mil subscribers WITH your moms shoes. it's refreshing. thanks for the quality content.

@willmallory9085 Жыл бұрын

Excellent video Team. Most people don't value money at all and have a sense of entitlement at the expense of others. I was heavily influenced by my Grandpa who survived the great depression. He would often say, "BOY! Don't you throw that food away, back during the great depression, we didn't throw nothing away!"

@darleneatkinson3906 Жыл бұрын

Will, wow, can I relate to your comment, my parents also live during the depression, so we were taught to save everything from old worn-out blankets to old cloths and never toss out food when I got older, I had to re-think what was worth listening too from my parents' experiences to adjust for myself after turning adult. Thank you for sharing.

@willmallory9085 Жыл бұрын

@@darleneatkinson3906 thank you for sharing too. They'd use old clothing as stuffers for pillows and blankets.

@NatashaRaisorGlam Жыл бұрын

This is an excellent interview. Money is an emotional trigger for most of us.

@danwickramasinghe4744 Жыл бұрын

One of the best pod casts I've listened to...... we need to start talking more about psychology of money😊

@lynnrescigno7510 Жыл бұрын

This is excellent! I found him so informative. I feel seen . But I have hope ( not helpless)

@kimthebudgetslayer Жыл бұрын

This was an amazing show. I’m going to set a visual goal so I can stick to my savings. Great content

@BubbleGum-uc4rx Жыл бұрын

I was in Hurricane Katrina in New Orleans and even tho I was 10 it made me realize you can lose everything in a blink of an eye. I make good money but I hate spending. I’m trying to get over the scarcity mindset.

@CuteBamboo2012 Жыл бұрын

Hi you have the Accumulator money archetype. You can work on it, look into it. Sorry katrina happened to you all

@lbslott Жыл бұрын

I’m so sorry you went through that.

@teddymoore9938 Жыл бұрын

Thank you Eric The that was a great podcast. Lots of information, I appreciate your accountant and keep making and bring him with me. Thank you thank you thank you!🙏👍👏👏❤️❤️

@bronsonjames3678 11 ай бұрын

The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.

@shannonshuntel2958 11 ай бұрын

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.

@ritaparker2630 11 ай бұрын

Sincerely it's best to seek an advisor right now, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money

@oliviabenson573 11 ай бұрын

That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?

@ritaparker2630 11 ай бұрын

My Financial adviser is Susan Kay Mack she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

@oliviabenson573 11 ай бұрын

I just checked her out and I have sent her an email. I hope she gets back to me soon.

@ocularpressure4558 Жыл бұрын

Hey EK luv the content

@eferlinindonesia1910 10 ай бұрын

I really like both the host and the guest. They are real to me as I didn't grow up from rich family. I watched my family from being super poor to wealthy and now middle. They are happy with their condition. I appreciate the time and knowledge shared to others. Everything makes sense to me.

@InfinittraksMusicGroup Жыл бұрын

Another great interview Erika very insightful.

@michaelswami Жыл бұрын

What a great interview! Wow. And yes, we own these issues and we can control them. I’m inspired.

@garytherealtor8666 6 ай бұрын

Wow, my first episode ever and I feel like I am on a whole new journey. Thank you, Erika and Dr.Brad

@marcdenoire5462 Жыл бұрын

Usually, in order to get rid of bad (financial) habits one should change his/her environment. I just wonder if it's not a bad idea to recommend Americans spend some time in a country where ppl don't tend to overspend and where there is not so much pressure to show off with status symbols. I watch videos of Erika with a lot of interest, but I realize that many financial problems Americans have are hardly there in other countries.

@auntiewin1134 Жыл бұрын

I’m in France now seeing how a caring nation takes care of everyone with healthcare and housing

@vulpixelful Жыл бұрын

I've been to countries where Americans would consider it "third world" and rich people flex there too 😂 Although the people in their middle class (not poor, but doing fine) seem more content and more focused on spending time with their family, friends, and on their hobbies than what they do for a living. These places also tend to have lower healthcare costs from the pharmacy to the doctor's office than the US. I'm starting to see a trend...

@timwindsor03 Жыл бұрын

Incredible interview ERIKA. Thanks for sharing. Keep the amazing content coming. Learn a lot from these videos. . Keep the content coming. Hope you have an awesome day. Much love. Hugs

@carolannstevens5814 5 ай бұрын

Thank Erika, I love your You Tube! Dr. Brad you are a gentle understanding man and loved this!

@snoopanoop7705 Жыл бұрын

Keep up the awesome content

@Thegermany9 Жыл бұрын

This is great! Thank you!

@DownHomeMoney Жыл бұрын

I can totally relate to you Erika!And I’ve worked to get out of scarcity mindset around money and realize I’ve got enough! I’m in abundance!🙌🏻🙌🏻🤗 It’s a journey for sure!❤

@gayatripoddar1140 10 ай бұрын

Really liked the episode! Dr. Brad thanks for your insights!

@modavidtv Жыл бұрын

Some really interesting and helpful points, thank you!

@gretchennirvana Жыл бұрын

Thank you for this conversation!

@KT-rh7hq Жыл бұрын

This was really thought provoking and interesting. I always learn something with these interviews so thank you!

@faqu529 Жыл бұрын

Geesh every week u are bringing in AMAZING guest! Thank you!🙌🏾🙏🏾

@sauram4266 11 ай бұрын

Great podcast Erika, lots of take aways. Thanks.

@ptgraphix Жыл бұрын

Dr. Brad was great!

@sagasky Жыл бұрын

great interview!

@andrebritz7729 Жыл бұрын

Love the content discussed Erika. Protect the ‘good’ psychology of money by practicing and tracking it intentionally. Thank you!

@sky-163 11 ай бұрын

Thank you. I really enjoyed your broadcast. I watched top-to-bottom full episodes. Thank you so much to you both . Om mani padme hug 🙏🌹🙏

@TheJessehart05 Жыл бұрын

This is the best money video I’ve watched, and I watch a lot of videos. I sent it to my 18 boy to watch. I’m proud of him and how he saves his money. I’ve been sending him videos about smart money habits for a couple years now. It’s definitely changed his view on money

@mariancounsellor Жыл бұрын

This interview was so interesting 💕

@seth_godwin Жыл бұрын

Dr. Brad and Erika!! The two GOATs!!!! 🙌🏼🙌🏼🙌🏼

@DianaBism Жыл бұрын

My parents were well off. After my dad died my mom squandered it all. So I became very frugal and hard working to counteract all the loss. But deep down I feel like I’ll never be as good as them, and why was it so easy for my dad to make money and not me. He had a very successful career - and it came to him easily. At least it seems like that.

@lisawagner4268 10 ай бұрын

Thank you for this episode!

@xqr_ 4 ай бұрын

These conversations are so important to hear! Keep up the awesome work 😊 🎉 thank you!

@vickig6080 Жыл бұрын

REALLY good info. THANK YOU!!

@roxymarjofficial Жыл бұрын

I listen/Watch so many “how to save money” videos… and this is by far thee best one I’ve seen that gives actually steps in how to change one’s self. Actually now that I think of it, it is tied with Rabbi Daniel Lapin’s videos where he also talks about money and how to take care of it. His videos have blown my mind. ❤ Thank you Erika for sharing this with us. Big fan over here.

@iwatch311 Жыл бұрын

This was amazing to hear!

@TaT-ux9ft Жыл бұрын

This was fantastic. Really resonated with a lot of Brad's points. Great podcast!

@franchise98bjn 11 ай бұрын

Just found your channel. Thank you for this

@Alexandra_research 11 ай бұрын

this episode was phenomenal!

@Elsa-qy9hr Жыл бұрын

Great interview and great guest ❤😊

@mississippiapple1078 Жыл бұрын

Love this

@paulalyman3547 8 ай бұрын

Loved this podcast gave me hope and understanding!

@biancapilgrim3618 Жыл бұрын

I love this interview made me think about my mindset of money a lot differently. Thank you

@kensison 10 ай бұрын

Man erika really asking the important questions here, instant subscribe!!!

@southlondonreseller389 Жыл бұрын

LOVE BRAD, HE IS THE ONLY MONEY EXPERT THAT I CAN CONNECT WITH, THANK YOU

@innakozak5858 Жыл бұрын

Wow! I have learned about my own money habits and what need to change so far. Thank you for all the amazingly useful information.

@RTRRT Жыл бұрын

Love this.

@I_agree_with_you 11 ай бұрын

Thank you...awsome interview

@AdventureEncounters Жыл бұрын

Great interview!! Thanks for sharing! 🙌 - Ashley from Adventure Encounters

@abdulazizalmaneea177 5 ай бұрын

Amazing content! Thank you 👏🏼

@onecompass7290 10 ай бұрын

Wow, great content, wonderful guest!

@omersyed5806 4 ай бұрын

One of the most underrated podcasts of all time.

@jermaineboyd6594 Жыл бұрын

Great interview! My take away from this is i don't know how to invest or where to start to invest my money.

@claimant9423 Жыл бұрын

9:09 Never put a dollar in the bank... my hero.

@garynadeau4733 Жыл бұрын

Erika this was a great podcast.

@raquella194 Жыл бұрын

This episode is 10/10

@MinnieOnCam 8 ай бұрын

This really explains my financial journey living with a disability.

@pennybentley5125 Жыл бұрын

This was Great 👍 Thanks 😊💐

@davesmith7432 Жыл бұрын

Good interview

@alexjackson4558 10 ай бұрын

WOW! Overly concerned about spending 15 dollars! You can spend that much for lunch sometimes. CLEARLY that's OVER-DOING IT!

@chasetravels1262 Жыл бұрын

Very good podcasts

@Bestovius 6 ай бұрын

These vids are gold

@Miliblock Жыл бұрын

Great insight

@UncleJora 11 ай бұрын

they revised Learned helplessness - now it says that "there is no hope" state is default for people. Hence it should be named Learned Active Behaviour, you learn to be active when you encounter a problem.

@mattanderson6672 6 ай бұрын

Thank you really interestingg

@vikramlimaye9655 Жыл бұрын

Thanks Erika. I am surprised that Dr. Brad has only 12.4K subscribers.

@Dancing_Alone_wRentals Жыл бұрын

Fun conversation. tHanks for posting it. (I'm a simple person...I find an old ratchet at a yard sale and I'm happy for the whole week).

@traceymeister6039 Жыл бұрын

This is the best financial wellness conversation I’ve ever listened to!

@ZhylvisLT Жыл бұрын

That’s one of the best episodes in this channel so far 👏

@elizabethandrews4199 Жыл бұрын

I like luxury purses but I have always lived responsibly never carrying credit card debt and making sure I had investments for my future.

@algordon5965 Жыл бұрын

Good show

@jerry4275 10 ай бұрын

Great podcast

@ReadWell572 26 күн бұрын

Powerful!!!!

@GravityBar231 10 ай бұрын

Nice interview. About the need to belong and keep up with others.... this highlights another advantage of living well below your means. When you live far below your means, most of your neighbors won't be buying those fancy cars or clothes, so you are free from the pressure to keep up. I live well below my means and when I see a neighbor with an expensive luxury car, besides the car looking out of place for the neighborhood, I just see the car as a douchebag car with an insecure owner.